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Small Chinese manufacturer in the electronics/appliance supply chain based in Ningbo; exact product line unconfirmed.
Small Chinese manufacturer in the electronics/appliance supply chain based in Ningbo; exact product line unconfirmed.
Moat: none
Headquarters: Ningbo, China · Employees: 2,271
Size Ningbo Hicon Industry Technology (001237.SZ) is a China Consumer Discretionary company (Electronics/Appliances) with a market value of $969M, the 2351st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥43.54 on 6 Nov 2026.
Growth Revenue fell 10.3% over the last twelve months (peer median +6.4%); the operating margin is 14.2% (peer median 7.6%).
Valuation It trades at 1.5× enterprise value to sales against a peer median of 1.9× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 14.5 points above its cost of capital (11.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | CN¥2.86B | CN¥3.19B | CN¥2.49B |
| Revenue growth | — | -10% | +28% | — |
| Gross profit | n/a | CN¥655M | CN¥710M | CN¥605M |
| EBITDA | n/a | CN¥453M | CN¥476M | CN¥397M |
| Net income | n/a | CN¥391M | CN¥451M | CN¥338M |
| Free cash flow | n/a | CN¥56.9M | CN¥516M | CN¥436M |
| Capital expenditure | n/a | CN¥253M | CN¥96.7M | CN¥60.7M |
| Total debt | CN¥1.16B | CN¥1.06B | CN¥1.15B | CN¥930M |
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| Measure | 001237.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | -5.9% | 7th lowest of 21 |
| Distance from 52-week high | -73.0% | -39.9% | 4th lowest of 21 |
| Revenue growth (TTM) | -10.3% | +6.4% | 2nd lowest of 21 |
| Operating margin | 14.2% | 7.6% | 7th highest of 21 |
| EV / Sales | 1.5× | 1.9× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.9% | 12.9% | 6th least demanding of 13 |
| Growth delivered (Del g) | -10.3% | +6.1% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +20.2 pp | +1.1 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +14.5 pp | +0.6 pp | 2nd highest of 21 |
| EV / EBITDA | 9.4× | n/a | — |
| Net debt / EBITDA | -4.9× | -3.2× | 3rd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Hicon Industry Technology 001237.SZ | China | $969M | n/a | -10% | 14% | 1.5× | 9.9% | -10.3% |
| Woori Technology 032820.KS | South Korea | $984M | -64% | -2% | -12% | 18.1× | n/a | n/a |
| Whirlpool China 600983.SS | China | $936M | -13% | -2% | 11% | 1.4× | -7.2% | -1.9% |
| Hefei I-TEK OptoElectronics 688610.SS | China | $1.01B | +18% | +72% | 14% | 9.3× | n/a | n/a |
| XGimi Technology 688696.SS | China | $1.01B | +7% | +4% | 2% | 1.8× | n/a | n/a |
| Ningbo Fujia Industrial 603219.SS | China | $1.03B | -26% | +3% | 4% | 2.1× | n/a | n/a |
| Hangzhou Heatwell Electric Heating Technology 603075.SS | China | $1.05B | -26% | +11% | 15% | 2.9× | 9.0% | +7.9% |
| Harvia HARVIA.HE | Finland | $858M | +7% | +12% | 19% | 3.8× | 14.0% | +12.8% |
| Whirlpool Of India WHIRLPOOL.NS | India | $1.11B | -16% | +6% | 2% | 1.3× | 47.2% | +6.4% |
| Guangdong Hongjing Optoelectronic Technology 301479.SZ | China | $810M | -46% | +19% | 8% | 3.0× | n/a | n/a |
| JS Global Lifestyle 1691.HK | Hong Kong | $808M | +9% | 0% | 0% | 0.3× | 23.1% | -16.8% |
| Guoguang Electric 002045.SZ | China | $807M | -13% | -17% | -4% | 1.1× | n/a | n/a |
| Ningbo Dechang Electrical Machinery Made 605555.SS | China | $794M | -29% | +11% | 2% | 1.1× | 11.9% | +16.8% |
| Bear Electric Appliance 002959.SZ | China | $794M | -18% | -7% | 7% | 0.9× | -6.6% | +7.5% |
| Alliance Material 3595.TWO | Taiwan | $760M | -71% | +200% | 35% | 50.4× | 45.5% | -2.5% |
| Actions Technology 688049.SS | China | $1.25B | -1% | +26% | 17% | 6.1× | n/a | n/a |
| Cosonic Intelligent Technologies 300793.SZ | China | $747M | -7% | +15% | -5% | 1.9× | 50.0% | -4.4% |
| Guangdong Hotata Technology 603848.SS | China | $736M | -24% | +7% | 13% | 3.1× | 17.0% | +5.9% |
| Tonze New Energy Technology 002759.SZ | China | $694M | -68% | +106% | 16% | 1.4× | n/a | n/a |
| Guangdong TCL Smart Home Appliances 002668.SZ | China | $1.37B | -12% | +4% | 12% | 0.5× | -18.7% | +17.4% |
| Guangdong Xinbao Electrical Appliances 002705.SZ | China | $1.38B | -25% | -4% | 4% | 0.7× | -2.7% | +4.2% |